Hong Kong’s HashKey Group, is reportedly preparing for a landmark initial public offering, a move that could cement the city’s status as Asia’s digital asset capital.
Summary
- HashKey has confidentially filed for a Hong Kong IPO worth up to $500M.
- The exchange has been expanding globally in the wake of high regulatory costs.
- HSK token surged after Bloomberg’s IPO report.
HashKey Group, operator of Hong Kong’s largest licensed crypto exchange, has reportedly filed confidentially for an IPO on the Hong Kong Stock Exchange, aiming to raise as much as $500 million.
According to an Oct. 10 report by Bloomberg, the listing could take place as soon as this year, though discussions around valuation and timing are ongoing. A HashKey representative declined to comment, saying the firm had no listing-related information to disclose.
Building on Hong Kong’s growing crypto-friendly climate
Hong Kong has introduced a clear virtual asset regulatory framework to strengthen its position as a digital-asset hub, attracting growing interest from Chinese investors despite Beijing’s continued ban on crypto. A possible HashKey IPO would act as a gauge of investor interest in Asian companies with a cryptocurrency connection.
In comparison, U.S.-based stablecoin issuer Circle Internet Group successfully raised nearly $1.1 billion in June, with its stock soaring more than 380% since. Founded in 2018, HashKey provides asset management services, a venture arm, and a regulated exchange in Singapore and Hong Kong. Previously, Gaorong Ventures invested $30 million, valuing the company at over $1 billion.
Hashkey’s growth and strategic milestones
Over the course of 2025, HashKey has quickly increased its global presence. In January, it secured conditional approval from Dubai’s VARA to operate in the Middle East, followed by regulatory greenlights in Bermuda and Ireland.
In February, it gained approval from Hong Kong’s Securities and Futures Commission for virtual asset discretionary management for professional investors and launched the HashKey 20 Index Fund targeting high-net-worth individuals.
The company has also expanded its web3 presence by launching HashKey Chain, an Ethereum (ETH) layer-2 solution, and partnering with China New City Group on tokenized real estate projects. Its OTC trading volume has increased significantly, indicating strong institutional interest.
HashKey’s native token, HSK, has surged 13% following IPO reports, but investor sentiment is still mixed due to previous disputes over liquidity management and token buybacks.
